https://www.taxtmi.com/caselaws?id=209708 Penalty under Section 11AC of the Central Excise Act, 1944 remained sustainable where inadmissible Cenvat credit was reversed only after the department pointed it out. The High Court held that the Tribunal misread the record in treating the reversal as voluntary, since the authorities had found that the credit was taken inadmissibly and reversed only after objection and assurance by the assessee. On those facts, the timing of reversal did not negate the statutory basis for penalty, particularly where suppression and intent to evade had been recorded. en-us Mon, 12 Sep 2011 00:00:00 +0530 Sat, 07 Dec 2013 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209708 Penalty under Section 11AC of the Central Excise Act, 1944 remained sustainable where inadmissible Cenvat credit was reversed only after the department pointed it out. The High Court held that the Tribunal misread the record in treating the reversal as voluntary, since the authorities had found that the credit was taken inadmissibly and reversed only after objection and assurance by the assessee. On those facts, the timing of reversal did not negate the statutory basis for penalty, particularly where suppression and intent to evade had been recorded. Case-Laws Central Excise Mon, 12 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209708